Finance Minister Shaukat Tarin has said the government is striving hard to continue the amnesty scheme for the construction industry, but there are some hurdles and problems in this regard from the International Monetary Funds (IMF) and Financial Action Task Force (FATF).
Replying a question during the post budget press conference in Islamabad on Saturday, he said, “this amnesty scheme would continue for a few more months as Prime Minister Imran Khan wants to continue it and we are in touch with the IMF team.”
However, it could be a temporary extension, he added
The Association of Builders and Developers (ABAD) demanded the government to extend the amnesty scheme granted for boosting the construction sector for one year, as it is going to end on 30th June 2021.
ABAD Chairman Fayyaz Ilyas asked the government to extend this scheme for real estate sector and construction industry by at least one year.
Due to the unprecedented situation created by the coronavirus pandemic all over the country and long delay in approval of building plans in Sindh a number of builders and developers could not register their projects under this amnesty scheme.
Fayyaz said that Prime Minister Imran Khan had announced and once extended a special package for the real estate and construction industry for economic growth through the construction industry because this industry is considered the backbone of the economy all over the world.
Under extended package, source of income will not be asked for investment in real estate and construction up to June 30, 2021, Fixed Tax Regime for builders and developers up to December 31, 2021 and project completion period was extended up to June 30, 2022.
The chairman ABAD requested the government to extend these periods at least upto 30th June, 2022, 31st December, 2022 and 30th June, 2023 respectively so that those people can avail this package who could not avail due to pandemic and lengthy delay in project approvals.
He said that Pakistan’s economy like other parts of the world has suffered a lot due to corona pandemic. It is evident that despite the second wave of corona pandemic production of cement, iron bars, paints, tiles, etc, have created new records, he said adding that to continue momentum of the economic growth the government should extend the Special package for real estate and construction industry otherwise the results achieved through this package will go in the vain.